NEW YORK – May 7, 2015 – The Dodge Momentum Index rose
0.8% in April to 122.6 (2000=100) from March’s 121.6, according to Dodge Data
& Analytics. The Momentum Index is a monthly measure of the first (or
initial) report for nonresidential building projects in planning, which have
been shown to lead construction spending for nonresidential buildings by a full
year. April’s slight rise shows planning activity beginning to edge up once
again after retreating 2.5% in March, continuing the up-and-down pattern that’s
been present so far in 2015. Although the planning statistics have essentially
plateaued in early 2015, the level of activity continues to be higher than a
year ago, enabling the latest month’s Momentum Index to be up 8.5% compared to
April 2014. With the commercial sector still helped by improving occupancies
and rents, while the institutional sector is benefitting from the passage of
recent bond measures, it’s expected that the Momentum Index will see a more
sustained upward trend as 2015 progresses.
Planning activity for both the commercial and
institutional sectors posted modest gains in April, with commercial up 0.5% and
institutional up 1.2%. The slight increase for the commercial sector was
supported by three sizeable projects that entered planning – a $500 million
expansion of the JW Marriott & Ritz Carlton Hotel in Los Angeles CA, a $300
million Loews Sapphire Falls Resort in Orlando FL, and a $100 million warehouse
and office building project in Santa Fe Springs CA. For the institutional sector,
there were also three projects valued at $100 million or more that entered
planning – a $150 million high school renovation in Beverly Hills CA, the $100
million AltaSea Marine Research and Interpretive Center in Los Angeles CA, and
the $100 million Seattle Children’s Research Institute in Seattle WA.
Source: Construction.com
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